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by Jaci Rae
Anna Nicole Smith was larger than life and definitely a pop culture icon. Her sudden and untimely death at the age of 39, leaves many questions to be answered and is most certainly a tragic tale of epic proportions. No one could write a script like this one.
At this point, the most important thing to remember is that Anna Nicole had a baby daughter who is now motherless and that Anna Nicole Smith was a person. Why can't anyone remember that she is dead and that's final, please leave her and her family alone and let them grieve. Have some respect for her in death, even if there was no respect for her in life.
What more can society and the media do to her? She was her own worst enemy and nothing more needs to be said. Why can't the media find something to celebrate about who Anna Nicole Smith was as a person and bring that to light? I know people love to watch a train wreck, but please leave it alone.
Why must those who have died be drug through the mud? Let her rest in peace. Please! Everything that is written about her from this point on will be read ravenously by her daughter when she is old enough to question why her mother died. Please let her daughter have a wonderful glimpse into her mother life and not the tragic figure of a woman who was her mother!
It's time to turn our way of thinking around. Stop focusing on the negative and begin to celebrate and focus on the positive. There's already too much sadness in the world, why perpetuate it?
Jaci Rae’s grit and determination have brought her from an impoverished childhood to a career as an award-winning singer, No. 1 best-selling author and entrepreneur who has toured around the world. Jaci shares her down-to-earth advice as the relationship advisor/expert/dating coach for igniteromance.com, savvymiss.com, lovingyou.com, loveisgreat.com and singlescafe.net.
Jaci Rae's latest books are, Shop for a Day with Jaci Rae – How to Get Almost Anything for Free or Next to It and Collista's Search for the True Meaning of Christmas. Other books are Winning Points With The Woman In Your Life One Touchdown At A Time and The Indie Guide to Music, Marketing and Money. For more information http://www.shopforaday.com , http://www.grannysnaturalpopcorn.com , http://www.winningromance.com http://www.christmaswithlove.com or http://www.jacirae.com
About.com Dating Guide lists Jaci's book, Winning Points With The Woman In Your Life One Touchdown At A Time in the top six of all time dating / relationship books. http://dating.about.com/od/datingadvice/ss/RelateBooks_6.htmJaci Rae may be contacted at http://www.jacirae.com
by Henry Gold
The death of Anna Nicole Smith by: Henry Gold
Last week, I was in shocked when I learned that the famous Anna Nicole Smith passed away. It was shocking because Anna Nicole Smith was ONLY 39 years old.
This makes me realize how short life can be.
Think about this for a moment. We always think about our problems as something that ruins our day. We always want the world to understand how painful the situation is, we are currently experiencing in our life.
What you do NOT understand is...
"Life is Way Too Short, to Worry or Sweat Little Things in Your Life"
Look, If you have read the Make1Million.com's Package, you know how it emphasizes on time, and time is equal to life. In addition, I have mentioned the average lifespan of human being is about 70 years.
In other words, if you are 28 years old, you may ONLY have 42 years to play the game. The adventure. The empire you would like to build in your life.
However, when I heard about the death of Anna Nicole Smith, I was in SHOCK.
Regardless what she did in her life, she was only 39 years old. She was WAY TOO YOUNG to reach eternity. Furthermore, if you have heard about Corey Rudl, one of the greatest marketers in the Internet marketing niche, he passed away when he was 34.
Guys and Girls...
We do NOT know how long we can live in this world. We do NOT know when the stop watch is going to stop ticking on us.
Think about this closely...
You can be frustrated all day long. You can hate this guy and that guy every single day. You can sweat all the small stuff around you.
BUT, when your time is OFF. Everything will turn out to be just a memory for everyone you know. However, 100 years from now, no one will EVER remember you or your little frustrations you experienced on a day-to-day basis.
However, it is the thing that you do differently. It is the things that you do to change people's lives that will make people remember you FOREVER.
Who will not remember Albert Einstein? Who will not remember Bill Gates? Who will not remember Thomas Edison? Who will not remember Martin Luther King?
The question you should ask yourself would be:
"How Do I Want to be Remembered?"
Every single moment we WASTE our time worrying and fussing over little things, such as: your financial issues, your spouse, your children, your boyfriend, your girlfriend, your mother in law, you are WASTING your precious life.
This is because you do NOT know whether you will still be here or NOT.
This is because you do NOT know whether you will still be able to get frustrated or NOT.
Who anticipated Anna Nicole Smith would pass away? Who anticipated Corey Rudl would pass away?
The truth is... "We do NOT know".
WORSE, time is ticking for everyone of us.
Stop wasting your time. Stop wasting your life.
Focus your attention on achieving your goal. This way, when you reach eternity, you have NO REGRETS.
Henry Gold is known as a pioneer of Web 2.0 marketing revolution. He has helped hundreds of marketers build thousands of hungry buyers with his secret marketing strategies. To learn more about the web 2.0 and how it can help your business visit: http://henrygoldsecret.comHenry Gold may be contacted at www.HenryGold.com or henry@henrygold.com
by Rocco Beatrice
Subsequent to the death of Anna Nicole Smith, it’s been reported that she may not have left a will, giving rise to additional turbulent legal confusion for years to come. Without a will, Anna Nicole potentially may be leaving her baby daughter with nothing. Amongst other celebrities dying without a will, include Abraham Lincoln, Howard Hughes, Martin Luther King, Buddy Holly, Marvin Gaye, Sonny Bono, Tiny Tim, and others.
If Anna Nicole died without a will she also died leaving behind many unsettled legal issues, the paternity issue and final custody of her daughter, the unsettled case against her late husband’s estate J. Howard Marshall II (oil tycoon), and finally the country/state of court jurisdiction, Bahamas, Florida, Texas, or California.
WHAT'S A WILL? WHY IS A WILL IMPORTANT?
Per Consumer Reports magazine, more than 2/3 of Americans die without a will. So what’s a Will? Why is it important? And, how do you get one?
A will is your last written list of wishes effective after your death for the purpose of distributing your wealth and the conditions of which such distribution can occur. The most important part of the will is the designation of custody of minor children; (this issue alone, - the custody of Anna Nicole’s daughter would have greatly simplified at least one important piece of the legal quagmire left behind for lawyers to have a field day and possibly eat/consume a good part of her estate).
Without a will, the courts will have to determine who gets what! And, if you have property in multiple states, each state will determine the results separately through a process knows as probate.
The probate process is when the state courts will inventory the deceased person’s assets (the willed assets must be titled in the maker’s name and belong solely to the maker, or have an interest); it will gather information about claims made against the estate, investigate all claims for their validity, pay off outstanding debts, make decisions as to who gets what based on state laws where the property is located.
WHAT HAPPENS TO ASSETS WITH CO-OWNERSHIPS AND JOINT TENANTS?
Property that’s titled in “co-ownership or as joint tenants with right of survivorship” such as husband and wife, automatically goes to the co-owner’s or spouse. Similarly property that’s titled as “tenants by the entirety” immediately becomes the property of the other tenant. Property that’s owned with someone else as “tenants in common” becomes a probate asset and is distributed according to the terms of the will.
WHO MAY CREATE A WILL?
Any person over the age of 18 may draft his own will with or without an attorney. The creator of the will is required to clearly identify himself/herself as the maker of the will, must revoke all prior wills, must state that he/she is of sound mind, must identify each item of property or personal effects, and must clearly identify each person to receive such property. If there are minor children the creator must clearly identify the person or persons to take custody of the minor children, and the creator must identify who will become the executor of his/her will after the creator’s death.
The will must be signed in front of a notary public, or in front of two “disinterested parties over the age of 18” (not family members). It’s best that the will be notarized, signed in front of a notary public which the notary will append their notary stamp on the original signature.
The most common mistake is that a will is signed by family members, another common mistake is to disinherit a family member or close friend. It’s best to mention the individual by name and to give them a small amount rather than to intentionally leave them out of the will. The excluded member may sue the estate, and therefore cause unpleasant and unwanted delays.
WHAT HAPPENS AFTER THE WILL CREATOR DIES?
After the date of death of the maker of the will, everything in his/her name will have to go to probate. No matter how well drafted, the will becomes the jurisdiction of the local state probate court where it becomes a “public document” whereby the will becomes available to all interested parties and creditors.
A will does not avoid the probate process. The court will determine the validity of the will instrument for such reasons as undue influence, or incapacity of the creator at the time the will was drafted, appoint an executor if one is not named, and the court will determine who is eligible to receive the property according to the state’s intestacy laws in order of blood kinship to the creator of the will.
As mentioned before, no matter how well drafted, a will must go to probate where it becomes a public document for every interested party to view and review. The only method of avoiding the probate process is to have your possessions and valuable assets titled to a Trust.
- All Trusts, revocable or irrevocable, grantor or non grantor -avoid Probate. - A will does NOT avoid Probate. - A will does NOT avoid Estate Taxes. - Only an “Irrevocable Trust” avoids Estate Taxes.
ON THE DATE OF DEATH, TWO THINGS HAPPEN:
1. All assets in the decedent’s name, belonging solely to the decedent, or where the decedent had an interest, go to probate to determine who gets what. This is the Probate Process. 2. Once all assets are probated, all assets in the name of the decedent is appraised for it’s “fair cash value” on the date of death, not when the assets were purchased, to determine if there’s an estate tax up to 55àThe estate must pay the tax. The person receiving the asset receives the asset tax-free.
WHAT'S AN ESTATE TAX?
Generally the estate tax is an advalorem (value) tax based on the “fair cash value” of the assets titled in the decedent’s name or where the decedent had an interest. Property of whatever kind or character, whether real estate, personal property, or bank accounts, cash or near cash investments, interest either as a joint tenant with right to survivorship or a tenant by the entirety is subject to the estate tax.
There are exclusions, such as unlimited spousal deduction that which you leave to the spouse and some other exemptions reportable on form 706 United States (and Generation–Skipping Transfer) Tax Return. The form is extremely complex and is beyond the scope of this article. Please consult with a qualified professional.
Rocco Beatrice, CPA, MST, MBA, Estate Street Partners, LLC.
Mr. Beatrice is an award-winning trust and estate-planning expert.
71 Commercial Street #150 Boston, MA 02109 toll-free: 888-938-5872
Watch a FREE video now to learn how you can save time, reduce taxes legally, protect your assets, secure your privacy & preserve your money for an accelerated, uncompromising, successful financial roadmap. Anna Nicole Smith Will & Irrevocable Trusts Rocco Beatrice may be contacted at http://www.ultratrust.com
by Joshua Kreitzer
(8/22/05) Anna Nicole Smith, the model who at age 26 married an 89-year-old multimillionaire, was once again in the news in recent months when a bankruptcy court in California awarded her a judgment of approximately $450 million, representing what the court found was supposed to have been her share of her late husband's estate. As unusual as the circumstances surrounding this case may seem, the case highlights some generally applicable legal principles.
Anna Nicole's late husband, J. Howard Marshall II ("J. Howard") was said to be the richest man in Texas. J. Howard had two sons from his first marriage, J. Howard III and Pierce. J. Howard had established a living trust (also known as an inter vivos trust) in 1982, long before he met Anna Nicole. J. Howard was also the trustee of this trust, and his son Pierce and Pierce's family were the sole beneficiaries of the trust; however, the trust was revocable, and thus J. Howard retained the right to revoke the trust and reclaim the trust's assets for himself during his life, or amend the trust and make someone else a beneficiary. He transferred to the trust his majority interest in a corporation that in turn owned an interest in Koch Industries, Inc., one of the largest privately held corporations in the United States. J. Howard's trust thus indirectly owned approximately 16% of the stock in Koch Industries, an interest now estimated to be worth over $2 billion.
Anna Nicole and J. Howard met in 1991 and married in 1994. As an inducement to marry him, J. Howard promised to leave her half of what he had. Prior to the marriage, J. Howard asked an attorney to arrange a gift to Anna Nicole to be measured by the increase in value of the Koch Industries stock from that date on, and he also requested that another attorney prepare a trust for her benefit. This gift was never completed, however, because Pierce fired one attorney and conspired with the other attorney to prevent the drafting and execution of the documents. Later, when Pierce learned of his father's marriage to Anna Nicole, he contacted the second attorney to take action to prevent her from receiving any of the assets in J. Howard's trust. The attorney devised a plan to make J. Howard's trust irrevocable, thus guaranteeing that Pierce and Pierce's family would eventually receive the stock held in the trust.
Pierce and the attorney met with J. Howard to review a document described as a "Post Nuptial Fine Tuning of Estate Plan," containing proposed amendments to the living trust. J. Howard signed the document, but the amendment to make the trust irrevocable was not part of the document that J. Howard signed; the bankruptcy court found that Pierce had the page with that amendment inserted into the document later, likely after J. Howard's death.
Because substantially all of J. Howard's wealth was held in the living trust, of which Anna Nicole was not a beneficiary, she received no inheritance upon J. Howard's death. After a judgment in a lawsuit was entered against her for over $800,000, she filed for bankruptcy protection in California, where she now lives. In the bankruptcy case, she declared that among her assets were her claims against her husband's estate and against Pierce for tortious interference with her expected inheritance or gift from J. Howard.
Tortious interference with an inheritance or gift occurs when one person intentionally prevents another by fraud, duress, or other tortious (wrongful) means from receiving from a third person an inheritance or gift that he or she otherwise would have received. The Bankruptcy Court found that Anna Nicole had a reasonable certainty that she would have received a substantial gift or inheritance from J. Howard, had it not been for Pierce's conduct. As evidence that Pierce had engaged in tortuous conduct, the Bankruptcy Court specifically cited Pierce's firing one of J. Howard's attorneys and conspiring with another to prevent the gift to Anna Nicole, and Pierce's inserting of an amendment to the trust into a document that J. Howard had already signed.
The bankruptcy court measured Anna Nicole's damages as half of the increase in value of the Koch Industries stock from the date of the marriage until the time of trial, or almost $450 million, less any amount that she receives in the probate case of J. Howard's estate. Anna Nicole was also awarded $25 million in punitive damages. According to Lawyers Weekly USA, this verdict was the largest any individual won in the United States in the year 2000. (Anna Nicole has since withdrawn her claims in the probate case. The bankruptcy case remains subject to appeal by Pierce.)
Anna Nicole's case was decided based upon the law of Texas, but Illinois residents should note that some of the legal principles involved also apply in Illinois. For example, had Anna Nicole and J. Howard been Illinois residents, she could not have prevented assets in her husband's living trust from passing to Pierce when J. Howard died, even though, in Illinois, a spouse has a marital right to share in the probate estate of his or her deceased spouse. The Probate Act of 1975 provides that a surviving spouse who is dissatisfied with what the deceased spouse's will has provided for him or her may renounce the will. If the surviving spouse renounces the will, he or she will receive one-half of the deceased spouse's estate if the deceased spouse is not survived by any descendants (children, grandchildren, etc.). If the deceased spouse is survived by descendants, then the surviving spouse's share is lowered to one-third. Such a provision in effect gives a surviving spouse a specified minimum share of his or her spouse's estate. However, the right to renounce a will only gives the surviving spouse rights to property included in the deceased spouse's probate estate; property that the spouse transfers during his or her lifetime is not subject to the statutory marital right.
In general, under Illinois law, an owner of property has an absolute right to dispose of the property during his or her lifetime in any manner he or she desires, even if the transfer of the property is for the purpose of minimizing or defeating his or her spouse's statutory marital interest in the property transferred or conveyed. The surviving spouse cannot challenge the transfer or conveyance unless the transaction is a sham and tantamount to a fraud on the survivor's marital rights.
Furthermore, under Illinois law, transfers into revocable trusts are considered valid in the absence of an intent to defraud. Under the Lifetime Transfer of Property Act, an otherwise valid transfer of property (for example, to a trust) by a living person is not considered illusory just because the transferor retained any power or right with respect to the property. Consequently, the fact that the creator of a trust retained the right to amend or revoke the trust, or change the beneficiaries of the trust, is not sufficient to invalidate the transfer of property into the trust.
However, like the Texas courts, Illinois courts also recognize a cause of action for tortious interference with a gift or expectancy, based upon the same general requirements as described in the Anna Nicole Smith case. Note, however, that the plaintiff may not bring a lawsuit for tortious interference with an expectancy if he or she has the opportunity to file a will contest which would provide him or her with an adequate remedy.
What lessons can those of us who are unlikely to qualify for the Forbes 400 learn from this case? If you are getting married, especially if either you or your spouse has been previously married or has children from a previous relationship, be aware of the possibility that your spouse may have transferred some of his or her property into a trust — and you will not be able to receive that property unless you are a beneficiary of the trust. If the trust is revocable, your spouse may amend the trust to make you a eneficiary. If the trust is irrevocable, you should be aware that your spouse will not be able to alter the terms of this trust except through a court order, which would usually require the consent of all beneficiaries. And, finally, never attempt to use fraud or deceit to interfere with someone's estate planning, or you could wind up, like Pierce, on the wrong end of a verdict.
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Joshua S. Kreitzer (B.A., Harvard University; M.A., University of South Florida; and J.D., Northwestern University) is an Associate Attorney with The Law Offices of Marc J. Lane, a Professional Corporation. He practices in the areas of taxation, estate planning, corporate law, business law, and tax exempt organizations. He is admitted to practice in Illinois, the U.S. District Court for the Northern District of Illinois, and the U.S. Tax Court. He has also served as a law clerk to Magistrate Judge Mary Scriven of the U.S. District Court, Middle District of Florida, and as a senior articles editor of The Journal of Criminal Law and Criminology.
Joshua Kreitzer may be contacted at http://www.marcjlane.com or success@marcjlane.com
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